Churchill Downs Inc. executive team receives 33% raise

Citing the sale of Arlington International Racecourse as an accomplishment, the Churchill Downs Inc. executive compensation committee rewarded the CDI “C” suite with a 33.4 percent pay increase in 2021.

Compensation for the CDI executive team totaled $27,227,334, with CEO Bill Carstanjen making more than half that total with $13,755,283 in total compensation. But his 31.1 percent raise from 2020 is the lowest increase of the four executives.

Total compensation includes base salary, bonus, stock awards, non-equity incentive plan compensation and other compensation such as retirement contributions and insurance premiums.

Chief financial officer Marcia Doll received the biggest rate of increase, grossing $3,706,973 in 2021 for a 41.2 percent bump. President Bill Mudd received $7,042,691, and senior vice president gaming Austin Miller received $2,722,417. Miller retired this month.

Other accomplishments cited by the committee as reasons to reward the executive team include selling Calder Race Course, management leadership in development of the Horseracing Integrity and Safety Act (HISA), and the development of the strategy to exit the online sports betting and iGaming business and the refined focus on the company’s online horse racing wagering business (TwinSpires).

As of Dec. 31, Carstanjen owned 578,013 shares of Churchill Downs (Nasdaq: CHDN) stock, which as of late morning Tuesday had a value of more than $132 million. The company’s annual meeting is April 26.